EUR/USD declined 2.04% this week, getting out of the descending triangle pattern that formed a week ago. On the weekly chart, MACD went through its centreline and became negative, which confirms that bears are in control. The next support line is at the 61.8 Fibonacci retracement level, 1.09554 which was also the lowest low from the last four months. EUR/USD will likely test that level in the upcoming week.
The cable declined for the second week in a row. Falling 2.02%. A symmetrical triangle pattern formed on the hourly chart. GBP/USD will likely break out on the downside of the triangle as it is being kept down by the 100 and 50 EMA (exponential moving average).
On the daily chart, USD/JPY broke through the 50 and 100 EMA this week and made a top above the high from last September. On the hourly chart (see picture), it becomes clear that the ninja is in an uptrend. There was a false breakout, through the trend line and EMA’s, but USD/JPY has quickly recovered. However the last top is a lower high than its last (see blue lines), which is a signal that last week’s uptrend is over.
USD/CAD has been trading in range the past week. Being kept between 1.31402 and 1.33070. On the weekly chart, USD/CAD touched the 50 EMA. Long term USD/CAD is in an uptrend and will probably break above 1.33070 in the following weeks.
NZD/USD hit support at 0.70400 last week, which was the high from April and May. The kiwi closed the week above the 50 EMA on the hourly chart, but broke below the 100 EMA on the weekly chart.
The DAX rose 0.80% this week and is still trading in a symmetrical triangle. MACD is still close to its centreline, confirming that the bulls and bears are of equal strength. The DAX will need to break through one of the trend lines of the triangle to give a clearer view of where it is heading.
WTI failed to break above resistance at 51.65 after it rose 1.57% this week. Because of this, WTI made a double top and will probably decline and make a correction before it will make a new attempt to break through the resistance.